Technical Commentary : The Stoxx Europe 600 Personnal & Household Goods Net Return is an index composed of 30 different stocks among the european Personnal & Household Goods sector.…….
Day By Day – Indipendent Research
In the shorter term, the consolidation initiated following the inscription of a new historical high at 513.50 points was stopped by the 476.10 points support. This level is important: it corresponds to the 50% retracement ratio of the last bullish impulse, now strengthened by the ascending 200-day moving average. Prices then formed a base (progressive reversal pattern) above this key level. A bullish breakout would thus allow the index to resume its dynamic towards historical highs.
We are therefore bullish over the short term too and expect prices to join the 513.50 resistance in the near future. We set the invalidation threshold of this scenario slightly below the 476.10 support. The breach of this level would delay any bullish anticipation.
|2 months Opinion||BULLISH|
|2 weeks Opinion||POSITIVE|
|Resistances||492,2 / 500,65 pts|
|Supports||476,1 / 465,8 pts|
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Source: ETFWorld – Day By Day – Indipendent Research